Saskatoon home sales slow for second consecutive month

Saskatoon real estate year-to-date sales have dropped 19 per cent, according to the Saskatchewan Realtors Association (SRA).

Compounding the problem is a decline in inventory levels, which are 36 per cent below 10-year averages for the month, SRA said.

However, the benchmark prices increased from $366,000 in January to $372,400 in February. That’s about three per cent higher than last year at the same time. The provincial benchmark price was $318,500, the SRA said.

“We continue to see higher lending rates and supply challenges contribute to a pullback in sales,” SRA CEO Chris Guérette said in a news release. “I’m beginning to sound like a broken record, but our biggest concern is still inventory levels, specifically in the more affordable segment of our housing continuum.”

Regardless of the challenges, Guérette said Saskatchewan’s real estate market was still one of the most affordable in the country.

“Year-over-year sales declines were to be expected as we returned to a more balanced market where sales activity is more consistent with the historical 10-year averages,” said Guérette.

“Saskatchewan remains one of the most affordable jurisdictions in the country with a resilient market that is well-positioned for stable demand in home ownership."